Inditex, the world’s largest fashion retailer by revenue, and the owner of Zara, Bershka and Stradivarius, closed FY 2025 (ended Jan. 31) with record revenues and profits.

Net sales grew 3.2 percent to €39.9 billion, or 7.0 percent at constant currency, with online sales up 4.8 percent to €10.7 billion and now representing more than a quarter of group revenues. Gross margin inched up to 58.3 percent, EBITDA rose 5.0 percent to €11.3 billion, and net income rose 6.0 percent to €6.2 billion. The group ended the year with net cash of €11.0 billion, a significant sum for continued investment.

Inditex divvies the world into four regions: the home market of Spain, the rest of Europe, America, and Asia and the rest. Sales for FY25 increased in Spain (15.1% to 15.9%) and the rest of Europe (50.6% to 51.3%) but declined in America (18.6% to 17.8%) and Asia & RoW (15.7% to 15.0%).

Over the course of the year Inditex conducted 190 store openings, 217 refurbishments and 293 absorptions – at once reducing total doors, by 103, and expanding selling space, by 5.3 percent. (Total doors stood at 5,460 at end FY25.)

The historical picture shows steady growth since the Covid lockdowns. FY25 net sales are 41 percent above those of pre-lockdown FY19, while net income is up 72 percent over the same period.

Inditex — Financial History FY2019–FY2025

Things are looking good in early FY2026 too. Constant-currency sales were up 9 percent in the first five weeks. The board is confident enough to be proposing a dividend of €1.75 per share – the highest in a steady climb since the deferred dividend of FY19.